CITIC Securities research report shows that the storage policy in 2025 has promoted the demand for storage batteries to grow beyond expectations, the increase in the amount of electricity per vehicle and the Trade-in policy has led to an increase in the demand for power batteries. It is expected that the global storage and power battery industry will continue to be prosperous, and the demand for lithium salts is expected to continue to exceed expectations. The peak period of lithium industry investment has passed, and the main increase in the future will come from the increase in production or the increase in existing projects, and the growth rate of lithium resource supply is expected to gradually decline.

The above research report states that the inventory-to-sales ratio of lithium salt smelters in September was 28%, falling to the level of 2022, and the lithium salt inventory level reached the limit value. It is expected that the global lithium industry supply surplus will be 101/78/29/11,000 tons in 2025-2028, and the lithium supply and demand will gradually turn into a tight balance, and the lithium price bottom is expected to be lifted. It is expected that the lithium price will operate in the range of 80,000-100,000 RMB/ton in 2026. It is recommended to pay attention to the low-cost targets that may benefit from the bottom rebound of lithium prices and the companies that own high-quality mine assets.

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